Enovix (NASDAQ:ENVX) Updates Q4 2024 Earnings Guidance

Enovix (NASDAQ:ENVX) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of -0.210–0.150 for the period, compared to the consensus earnings per share estimate of -0.200. The company issued revenue guidance of $8.0 million-$10.0 million, compared to the consensus revenue estimate of $7.4 million. Enovix also updated its Q4 guidance to ($0.21)-($0.15) EPS.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ENVX. Canaccord Genuity Group lifted their target price on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Craig Hallum lifted their price objective on shares of Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Piper Sandler reissued an “overweight” rating and set a $19.00 target price (down from $23.00) on shares of Enovix in a research note on Monday, August 5th. TD Cowen raised their price target on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, Benchmark reiterated a “buy” rating and set a $25.00 price objective on shares of Enovix in a report on Wednesday. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Enovix has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Enovix Stock Down 14.1 %

NASDAQ:ENVX traded down $1.47 during mid-day trading on Thursday, reaching $9.01. The company’s stock had a trading volume of 29,605,543 shares, compared to its average volume of 5,623,950. The stock has a fifty day moving average of $10.06 and a 200-day moving average of $11.05. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68. The firm has a market capitalization of $1.59 billion, a PE ratio of -5.59 and a beta of 1.98. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.03. The firm had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. During the same quarter in the prior year, the business posted ($0.27) EPS. Equities research analysts forecast that Enovix will post -1.2 earnings per share for the current year.

Insider Activity

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the transaction, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 15.70% of the company’s stock.

Enovix Company Profile

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.